The New Canaan Real Estate market made some slow but better gains in 2010.
Tallying up the sales for the year 2010 we had 216 transactions as compared to153 in 2009, representing an increase in the number of sales by 41% This is an encouraging ending and indications are that we will continue to see moderate activity in the early start of this year as some buyers feel that prices have stabilized, mortgage rates are still very attractively low and the need to make a move for personal reasons begins to be an impetus.
Selling prices also did better in New Canaan. The average selling price for 2009 was $1,665,366 as compared to $1,706,976 as we ended the 2010 year representing an increase of 2%.
Of the 216 sales in New Canaan, the average days on the market was 206 which was an increase of 5 days over the 2009 average of 201 days and the average list to sell ratio was 92% in 2009 as compared to 93% in 2010.
In addition, the total number of new listings increased to 473 as compared to 454 in 2009 and the number of homes that went into contract also increased to 209 up from 167 in 2009, a 25% gain.
Regarding the condo market, there were 43 condo sales with an average price of $653,151 down from $720,629 in 2009 representing a 9% decrease, however there were only 31 sales in 2009. So the condominium market declined in price but there was a 38% increase in activity.
Even though we do not have a crystal ball, the overall statistics paint a somewhat optimistic picture that we will gradually move to a more normal marketplace. I already notice an increase in inquiries about properties for sale and the phones are starting to ring after the holiday season has come to a close. We will remain cautiously optimistic.
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